What does Strike provide and what does Coinsnap provide?
Strike Business is a service provided by Strike. Strike holds the funds in the Strike Business account and determines Strike’s onboarding, KYC, exchange, wallet and account conditions. Coinsnap does not operate the Strike Business wallet.
Coinsnap merchants can use a Lightning address provided by Strike as a payout destination for Bitcoin and Lightning payments processed through Coinsnap.
About Strike Business
Strike Business is a custody wallet where your funds are held by Strike and you have to go through a KYC process for your business.
In return, you receive a Bitcoin Lightning wallet with a Lightning address and can manage both Bitcoin and Lightning in one account and also receive an account for euros.
You will receive a Lightning address that you can store if you accept Bitcoin payments via Coinsnap in your online store or on your website.
Strike Business is of interest to all companies that receive Bitcoin payments and wish to either keep the Bitcoin received or convert it into euros.
To open a Strike Business account, go to https://strike.me/business The entire process is partly in English, as is the subsequent email communication with the Strike Onboarding Team. After clicking on Get Started, you will be asked to fill out a form.
There you will need to provide your name, your personal e-mail address, the name of the company, the location of the company, the URL of the company’s website and the purpose for which you want to use Strike Business.
If you already have a private Strike account, make sure you use a different email address here. Ideally an email address that is associated with the company.
You will then have to wait until you receive a message from Strike. A few days later you will receive an email to start the registration process:
It is an advantage to find out in advance what to expect and it is advisable to compile the relevant documents in advance.
What Does Strike Verify?
| Verification | Information requested |
| Business identity—KYB | Legal business name, business address, tax identification such as an EIN, and incorporation details |
| Business documents | Tax or banking documents and any licences relevant to the company’s activities |
| Owners | Name, address and government-issued photo ID |
| Account operators | Name, address and government-issued photo ID |
| API use case | Businesses using Strike’s API may undergo additional verification based on the intended integration |
Is verification mandatory with Strike?
Strike Business requires full business verification (KYB), including identity verification (KYC) for the company’s owners and account operators.
Strike confirms that the identities of “owners and operators” must be verified. However, its public onboarding documentation does not specify:
- A particular beneficial-ownership threshold, such as 25%
- Whether every shareholder must be verified
- A fixed definition of “operator”
- Which documents prove ownership or control
Consequently, an applicant should expect Strike to determine the relevant owners and controllers during onboarding rather than relying on a publicly stated percentage.
The business must provide its company information and supporting documents, while its owners and account operators must complete individual identity verification (KYC) with a government-issued photo ID. Additional verification may be required for certain business models or when using the Strike API. Strike does not offer a transaction threshold below which businesses can use the service without verification.
For the latest information, visit: Strike Business onboarding
Does completing KYB remove transaction limits?
No. Verification gives the business access to the account, but transaction limits still apply. Strike publishes limits such as up to 0.05 BTC per outgoing Lightning transaction and account-dependent ACH deposit limits. Some limits vary according to account status and transaction activity. Strike Business transaction limits
Strike Business Dashboard
After successful registration, we can log in via the URL https://dashboard.strike.me/login log in to the Strike Business Dashboard. In contrast to the Strike account for private use, which is managed as an app on the smartphone, the Strike Business account is managed via the web. Those who already have a private Strike account will be familiar with the handling of both accounts.
Cash Balance Account
At Strike you have an account in which the euro balance is managed. You can receive bank transfers to the account. You will receive the relevant bank details when you click on Deposit. Deposits can only be made from a bank account in the same name as the Strike account and Strike only supports Euro for European customers. Withdrawals cannot be made yet, as we need to deposit our bank account first.
To do this, go to Accounts and then to Add bank account. You can then enter the IBAN of your own bank. Payouts are only made to the company account.
Bitcoin Balance Account
We also have the Bitcoin Lightning account, which supports both Onchain Bitcoin and Lightning. With Onchain, the Bitcoin address is displayed to receive payments. Once as an onchain address and additionally as a QR code. To receive payments via Lightning, you must first create a Lightning Invoice. To do this, enter the amount in Bitcoin that you would like to receive.
Please note that the entry is made in Bitcoin, i.e. with decimal places. So if you want to create a Lightning Invoice for 100,000 sats, the entry is 0.00100000 or 0.001.
Lightning Address
You can also receive Lightning via your Lightning address. Your Lightning address is username@strike.me. But how do you get your username? Click on the three dashes at the top right and your username will be displayed, which unfortunately cannot be changed.
If you accept Bitcoin payments with Coinsnap in your online store or on your website, you enter this Lightning address there. The credits are credited directly to your Strike Business account via this Lightning address. However, the Lightning credit is not credited to your Bitcoin account, but converted into euros and credited to your Euro Cash account.
If you do not want to keep the Bitcoin, but prefer to have the Bitcoin turnover credited in euros, then you do not need to do anything. However, if you want to keep the Bitcoin you receive, you must contact Strike Support and request that the conversion is not carried out and that the Bitcoin is credited directly to your Bitcoin wallet. You can reach Strike support at support@strike.me
Send Bitcoin to the hardware wallet
You can use the Send Bitcoin button to send Bitcoin via On-Chain or Lightning. If your Bitcoin balance on the Strike Bitcoin Wallet has become too high, it is advisable to transfer this Bitcoin to a secure Bitcoin hardware wallet, such as the Bitbox02.
It is pleasing to note that Strike does not charge its own fees for Bitcoin withdrawals, as is often the case with other Bitcoin wallets. Only the fees for the Bitcoin blockchain that the miners receive are charged.
Receive Bitcoin – Credit in Euro
If you have deposited the Lightning address you received from Strike with Coinsnap, your customers’ Bitcoin payments will be credited directly to the Strike wallet. The question now arises as to which Strike account the credit should be made to. To the Bitcoin account or to the Euro Cash account?
The default setting for Strike Business is to the Euro Cash account. For traders who are wary of the volatility of the Bitcoin price, we recommend retaining this setting. For example, if the end customer pays €50, this amount will be credited to your Euro Cash account minus the fees. These fees are on the one hand the fees that Coinsnap charges for its own services and on the other hand the exchange fee from Strike. If you would like to offer your customers the option of paying with Bitcoin, but would like to be credited in euros, Strike offers you an immediate conversion at the most favorable fees. The immediate conversion upon receipt of the Bitcoin payment is very advantageous and you are thus protected against the volatility of the Bitcoin exchange rate. Strike Business is particularly recommended for merchants who receive Bitcoin payments from their customers and want an immediate credit in euros.
Receive Bitcoin – Credit in Bitcoin
Currently, incoming Lightning payments are converted directly into euros via the Lightning address and then credited to the Euro Cash Wallet.
However, if you wish to keep the Bitcoin you receive, you must contact Strike Support and request that the conversion is not carried out and that the Bitcoin is credited directly to your Bitcoin wallet.
You can reach Strike support at support@strike.me
Fees
Which fees does Strike Business charge?
Strike Business primarily charges fees when Bitcoin is bought or sold. The fee depends on the business’s monthly trading volume and ranges from 0.89% to 0.49%. Additional variable fees can apply when Bitcoin is sent on-chain or through the Lightning Network. Strike Business trading fees
Does Strike charge for bank deposits and withdrawals?
Strike’s European documentation does not list a Strike fee for standard bank deposits or withdrawals. However, the sending, receiving or intermediary bank may impose its own charges. The bank or payment account used for deposits must be registered in the same name as the Strike Business account. Strike Business bank transfers
Does Strike charge for Bitcoin withdrawals?
It depends on the withdrawal method. For on-chain Bitcoin withdrawals, Strike charges a send fee when Priority or Standard delivery is selected. The slower Flexible option has no Strike withdrawal fee. Lightning withdrawals are subject to an estimated routing fee. Strike Bitcoin transaction fees
Which Bitcoin network fees can apply?
For an on-chain transaction, a variable Bitcoin network or send fee can apply depending on the selected delivery speed and current network conditions. For a Lightning transaction, Strike calculates an estimated routing fee, which is paid to the Lightning nodes routing the payment. These charges are displayed before the transaction is confirmed.
Which exchange fee does Strike charge for EUR/BTC conversion?
Strike Business uses volume-based pricing for EUR/BTC purchases and sales:
| Monthly trading volume | Conversion fee |
| Below €50,000 | 0.89% |
| €50,000–€500,000 | 0.79% |
| €500,000–€5 million | 0.69% |
| €5 million–€15 million | 0.59% |
| Above €15 million | 0.49% |
The applicable tier is determined by monthly euro-denominated trading volume. Strike also states that cash-to-Bitcoin conversions use an exchange rate supplied by its providers with a margin applied by Strike. The final rate and all applicable charges should therefore be checked in the transaction quote before confirmation. Strike’s explanation of exchange rates
Important Note
If a payment is processed through Coinsnap and the merchant uses a Strike Lightning address as the payout destination, the Coinsnap service fee and any applicable Strike conversion fee are separate charges from two different providers.
Euro deposits and withdrawals
You can make deposits and withdrawals to the Euro Cash account in our Strike Wallet by bank transfer. Strike does not charge any fees for deposits or withdrawals to another bank account.
Bitcoin deposits and withdrawals
You can send and receive deposits and withdrawals from your Bitcoin wallet via Onchain and Lightning. Strike does not charge any fees for deposits and withdrawals of Bitcoin payments.
Lightning
There are no fees for switching from Lightning to Onchain or vice versa. You can therefore receive Lightning credits from your customers, which are credited to the Strike Bitcoin wallet and transferred to your Bitcoin hardware wallet at no additional cost. Other Bitcoin Lightning wallets charge an average fee of 0.5% for forwarding to an on-chain Bitcoin wallet, which Strike does not charge. To be fair, however, it must be pointed out that network fees are incurred when paying via Lightning and Onchain. However, these fees are not charged by Strike, but the actual network costs are passed on. Lightning payments only incur routing fees, which are in the millicent range.
On-chain
On-chain payments incur fees that depend on how quickly the credit is to be issued. However, these fees are displayed before the payment is executed. Strike breaks this down into three stages:
- With Strike Business Priority, the Bitcoin payment usually arrives within approximately ten minutes; a network fee and a Strike fee apply.
- With Strike Business Standard, settlement usually takes approximately one hour; a network fee and a Strike fee also apply.
- With Strike Business Flexible, settlement can take approximately 24 hours, but Strike does not charge a withdrawal fee.
Strike here means that a strike fee is incurred, but not how high it is. So please pay attention to this when transferring Bitcoin yourself. But if you transfer the Bitcoin to your own Bitcoin wallet, then you certainly have enough time and then there should be no fees and no network fees.
Exchange fee
But how does Strike earn his money?
Strike’s business model is based on the exchange between euros and Bitcoin. Every time you buy or sell Bitcoin, i.e. exchange euros for Bitcoin and vice versa, Strike charges a fee. This fee is staggered and depends on the monthly exchange volume. If you exchange less than €250 per month, you pay 1.29%. If you exchange €1,000 per month, the fee is only 1% and is reduced accordingly. Every month it starts all over again. So check for yourself what fees you would incur. The standard market rate is around 1.5%, making Strike one of the cheapest providers.
Summary
Strike Business is the ideal Bitcoin wallet for businesses. Strike is a custody wallet where your Euro balance and your Bitcoin are held by Strike. To open a Strike account, KYC is required for your company and the acting persons. You will receive a wallet with a euro account and a Bitcoin account, which you can use to manage both separately. You will receive your own Lightning address for your company and, if you want to accept Bitcoin Lightning payments in your store or on your website, you can have the sales credited directly to your Bitcoin or euro account. You can receive Bitcoin and Lightning payments from your customers and decide whether you want to keep the Bitcoin or convert it into euros immediately. With Strike Business, you have a clean separation between your private Bitcoin and your company’s Bitcoin. Strike Business also scores highly in terms of fees. Deposits and withdrawals by bank transfer are free of charge. There are also no fees for deposits and withdrawals via Bitcoin Onchain and Lightning, only the routing and network fees are passed on. Fees are only charged when exchanging Bitcoin for euros or vice versa. However, these fees are cheaper than what is usually charged on the market. Strike Business is particularly recommended for businesses that want to accept Bitcoin and Lightning payments in-store or on the Internet or online store with Coinsnap.
Frequently Asked Questions About Strike Business and Coinsnap
No. Strike Business and Coinsnap are independent services. Coinsnap processes the payment in your online shop, while Strike provides the Lightning address and custodial account into which your payments are credited.
Yes. You can enter your Strike Business Lightning address as the payout address in Coinsnap. Bitcoin payments processed through Coinsnap are then forwarded directly to your Strike Business account.
Yes. Strike requires full business verification (KYB) before a Strike Business account can be used. The company must provide its business information and supporting documents, while owners and account operators must complete individual identity verification (KYC). Strike Business verification requirements
Bitcoin credited to a Strike Business account is held in custody by Strike. Strike therefore controls the private keys while the Bitcoin remains in the account. You can withdraw it to your own Bitcoin wallet whenever required. Bitcoin custody at Strike
Strike may charge a fee when incoming Bitcoin is converted into euros. Its business trading fee starts at 0.89% for a monthly trading volume below €50,000 and decreases progressively to 0.49% for volumes above €15 million. Variable on-chain transaction or Lightning routing fees may also apply when Bitcoin is withdrawn. Strike Business trading fees
Coinsnap charges 1% of the transaction value for each successfully completed payment. The customer’s complete payment is credited to your Strike Business account, while Coinsnap’s 1% fee is deducted separately from the prepaid credit in your Coinsnap account.
Yes. You can set the default receiving currency in Strike to cash. Incoming payments sent to your Strike Lightning address are then credited to your euro balance instead of being retained as Bitcoin. Strike’s applicable conversion fee and exchange rate apply. Selecting the receiving currency in Strike
Yes. If you select Bitcoin as the default receiving currency, incoming payments remain Bitcoin in your Strike Business account. You can change the default receiving currency between cash and Bitcoin whenever you want.
